Kumho Tire plans to invest more than 1 trillion won to build its inaugural factory in Europe by 2027. The company intends to evaluate incentives and tax benefits pledged by four countries -- Romania, Serbia, Portugal, and Turkey -- including the size of subsidies, before finalizing the factory’s loc
Kumho Tire's Chinese parent company, Doublestar, will make an additional investment in the tire maker’s Vietnamese production subsidiary.Doublestar plans to acquire a 42.4 percent stake in Kumho Tire's Vietnamese production subsidiary for US$92.3 million, according to a semiannual report rel
It has been belatedly found that Lee Dae-hyun, former senior vice president of Korea Development Bank (KDB) who was nominated as chairman of Kumho Tire Co. earlier this year, refused to take the job at the last moment as he was virtually rejected by China’s Qingdao Doublestar Co., the largest shareh
Kumho Asiana Group has requested its creditors to extend 500 billion won (US$439.17 million) worth of loans against the owner family’s entire stake in Kumho Buslines Co., the group’s de facto holding company. The group said it would agree to creditors’ sale of Asiana Airlines if it fails to normaliz
Choi Jong-ku, chairman of the Financial Services Commission, said on April 3 that the main reason for Asiana Airlines’ trouble is its corporate governance, stressing the responsibility of Kumho Asiana Group Chairman Park Sam-koo.It is rare that the head of the FSC, which supervises Korea Development
Kumho Tire’s labor union has urged Doublestar, the largest shareholder of the Korean tire company, to normalize the company's plant in China."At the Future Committee, the company’s management and labor will discuss the normalization of Kumho Tire's plant in China," the labor union said on Ma
The South Korean government will restrict the export of organic light-emitting diode (OLED) production equipment. It is planning to designate OLED equipment as “national core technology” and make government approval compulsory for exportation. This is a follow-up measure to prevent any recurrence of
South Korean automakers and tire producers are becoming domestic companies in name only. Among three domestic tiremakers – Hankook Tire Co., Kumho Tire Co. and Nexen Tire Corp. – Kumho Tire will be sold to a foreign company. Also, Hyundai Motor Co. and Kia Motors Corp. are the only automakers that a
On April 1, unionized Kumho Tire workers took a vote on the sale of their company to Qingdao Doublestar. 91.8% of the registered union members took part in the voting and 60.6% of the participants voted in favor of the sale.On March 31, in the meantime, Kumho Tire employers and employees signed a sp
As Tire Bank officially announced its will to take over Kumho Tire, things have become complicated for the Korea Development Bank (KDB), the main creditor bank considering selling the tire company off to a foreign company or putting the tire company in court receivership."Since the problem of the se
The chief of Qingdao Doublestar Co. visited South Korea and showed his determination to become a global leading tiremaker through co-prosperity with Kumho Tire.During a press conference at the KDB headquarters in Yeouido, Seoul, on March 22, Doublestar Chairman Chai Yongsen said, “Doublestar wants t
Qingdao Doublestar Chairman Chai Yongsen said at an interview on March 19 that he has heard nothing about matters related to collective agreement and labor union except for employment continuation for three years.Earlier, Kumho Tire Chairman Kim Jong-ho mentioned, while trying to persuade unionized
Financial Services Commission (FSC) Chairman Choi Jong-ku held a press conference in Seoul on March 14 and said that GM is willing to stay in the South Korean automobile market. According to him, the automaker recently said that it would cooperate actively for due diligence on GM Korea.“GM Korea’s c
With much attention paid to Kumho Tire suffering from a severe liquidity crisis, it seems inevitable in general that the company will be sold off to a foreign company in spite of the opposition of its labor union.With the union actively opposed to selling off Kumho Tire to a foreign company, the gov
With respect to the normalization of Kumho Tire, a conflict between its creditors and labor union is going to extremes. The creditors set the end of March as the deadline for the labor union’s acceptance at the end of this month, but the labor union refused to negotiate and raised voices for a gener
The Kumho Tire creditors including the Korea Development Bank (KDB) announced on March 2 that they would conduct a third-party capital increase of 646.3 billion won (US$581 million), 5,000 won (US$4.5) per share, with Doublestar Tire. If it turns out to be successful, Doublestar Tire becomes the lar
Kumho Tire showed its trial to avoid being putting into court receivership. Its creditors gave in, saying that they will get the labor union's consent again when they sell off the tire company to a foreign company, and the labor union temporarily agreed with the creditors’ and the company’s manageme
A possibility of putting Kumho Tire into court receivership has expanded."We will make other viable measures as a labor-management agreement is unlikely to be made," said the Korea Development Bank (KDB), the main creditor bank of Kumho Tire. The Kumho Tire Labor Union stood up to the KDB, saying “C
The Korea Development Bank (KDB), the main creditor of Kumho Tire, is seeking to attract outside capital but whether the Ministry of Trade, Industry and Energy (MOTIE) and the Defense Acquisition Program Administration (DAPA) allow a foreign company to become the largest shareholder will be a variab
Kumho Asiana Group Chairman Park Sam-koo officially declared that he has no intention to reacquire Kumho Tire. He seemed to hold an unscheduled press conference in order to settle a conflict with the Korea Development Bank (KDB) as soon as possible. As Kumho Tire's main creditor KDB has had a confli